Cryptocurrency pressure continues in China, known for its bans and attitude towards Bitcoin (BTC) and cryptocurrencies.
Accordingly, according to the news of Chinese local news agency weixin, the Supreme Court of China announced the penalties received by China's crypto OTC king Zhao Dong and his team.
Zhao Dong was sentenced to 7 years in prison for his illegal business activities and illegal currency trading.
It was also disclosed that Dong is the founder of RenrenBit, a crypto lending platform, and a minor shareholder of Bitfinex.
The sentence given to Dong by the Supreme Court of China was an indicator of China's repressive attitude and regulatory efforts towards the cryptocurrency industry.
Finally, it was stated that Zhao Dong is seen as one of the most important actors of the crypto industry in China and is also known as the crypto OTC king in China.
*This is not investment advice.